Cheeky offer

fackers_2

mi-key said:

Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 

And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 

Why do I have to provide figures and references? You made the claim that only 2% of FTBs can get a 90% mortgage with nothing to back this up. There is nothing on the internet to back this up. Why don't you provide your figures and references to your claim seeing as you made it? 

Mixing me with someone else. Taking the mikey clearly. 

Martico

Oh dear, I hate myself for entering this kind of thread, but it's late and here I am. At the risk of sounding retrospectively smug, I bought at what was considered at the time the peak of a crazy market in London in 2003, and again at what was considered at the time the peak of a crazy market in Bristol in 2016. Did my calcs, reckoned I could handle the mortgage for my few years fixed term. Turned out I had nothing to worry about, I lucked out, I hadn't bought at the peak. But would still have been OK even with a dip. I'd have been able to service the debt.
Lesson: if it's right for you at the time, just do it. Make sure you can service your debt and you'll be paying down the initial capital whatever happens.
I accept that it's uncertain at the moment, but when hasn't it been? 
I also accept that I've been lucky.
You can't time the market.
For a multitude of reasons, the housing market has at times adhered to and at times defied the norms of supply/demand economics.
Do your sums to ensure you can service your mortgage, do your best to increase your earning power, and that debt should just deflate away, at the same time as your initial capital gets chipped away by the monthly payments

jimbog

fackers_2 said:

newsgroupmonkey_ said:

fackers_2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.

The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit

That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?

Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !

Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.

Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 

And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 

You're sounding as desperate as Crashy, tag teaming each other.

You appear to have 2 things in common. Neither of you own a house (I've seen your previous threads) and neither of you can afford a house, so you're trying to talk the market into a crash.

For me, a crash would see house prices drop to below the levels of at least 5 years ago.
Right now, we're not even at the levels of last February.

You both storm into threads like this, suggesting 20 or 30% drops, despite the fact that the high of last August was only 3.7% higher than it is today (2.9% according to Halifax) Hey, it might even reach 10% by the end of the year, but it's hardly 20 or 30%.
https://tradingeconomics.com/united-kingdom/nationwide-housing-prices

In fact, Halifax are arguing that prices are up 2.1% this year alone (this is from today)
https://www.forbes.com/uk/advisor/personal-finance/2023/03/07/house-prices-updates/

You're absolutely right that propertylog is a good place to look and see what the values have done, but ultimately, people's asking prices are still akin to last August rather than today. In addition, the last few months are traditionally much slower (are you aware that property prices dropped in both November and December of 2021? It's quite normal).

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

mi-key

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

Shall we place bets that he is still here in a couple of years biding his time and waiting for the crash 

fackers_2

jimbog said:

fackers_2 said:

newsgroupmonkey_ said:

fackers_2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

Sarah1Mitty2 said:

mi-key said:

But they are now 6 years older than 2007 (27yo)-(33yo) with an average deposit now needed of 61K.

The average deposit needed isn't £61K where did you get that from?  Average house cost is £236K for a FTB, FTBs can easily get 90% mortgages so they only need £24K deposit

That doesn`t chime with the drop in mortgage approvals, something not right with your figures there it seems, or maybe FTB`ers are holding off until interest rate rises do their job of bringing down prices?

Read it as FTBs who get a mortgage can easily get a 90% one, so don't NEED more than a 10% deposit. We are talking about deposits not mortgage approvals !

Yes, but a couple of people out of a hundred getting a 90% mortgage doesn`t keep the market going at these prices, the people who can get a mortgage are better off waiting until the market finds it`s new price level, they will start off with less debt that way.

Who says it is a couple of people out of a hundred? You are making up imaginary figures again to try and prove your misguided belief the market is crashing hugely so you will finally be able to buy Crashy 

And so are you. Please provide data and references. I’ll wait for a reply as I think you’re on holiday, enjoy! ☀️ 

Ultimately right now to answer the OP’s thoughts. Offers under are going to be widely accepted. EA will push for sales in order to continue to keep cashflow through their business too. Just present the offer fairly using local recent sold prices as a guide too! 

You're sounding as desperate as Crashy, tag teaming each other.

You appear to have 2 things in common. Neither of you own a house (I've seen your previous threads) and neither of you can afford a house, so you're trying to talk the market into a crash.

For me, a crash would see house prices drop to below the levels of at least 5 years ago.
Right now, we're not even at the levels of last February.

You both storm into threads like this, suggesting 20 or 30% drops, despite the fact that the high of last August was only 3.7% higher than it is today (2.9% according to Halifax) Hey, it might even reach 10% by the end of the year, but it's hardly 20 or 30%.
https://tradingeconomics.com/united-kingdom/nationwide-housing-prices

In fact, Halifax are arguing that prices are up 2.1% this year alone (this is from today)
https://www.forbes.com/uk/advisor/personal-finance/2023/03/07/house-prices-updates/

You're absolutely right that propertylog is a good place to look and see what the values have done, but ultimately, people's asking prices are still akin to last August rather than today. In addition, the last few months are traditionally much slower (are you aware that property prices dropped in both November and December of 2021? It's quite normal).

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

Where do you keep getting 50% from? You hoping it goes that far are you? I think you and mikey [taker] are my biggest fans here, I feel flattered you’re always quoting me. 😘 


God forbid you from waiting out for any sales to get a better price. 

fackers_2

mi-key said:

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

Shall we place bets that he is still here in a couple of years biding his time and waiting for the crash 

Think you’ll miss me, I’m buying and will be in our new home by this summer. Can’t wait! 

Come around for a cuppa, I know you wouldn’t be able to keep away. 🤣

mi-key

fackers_2 said:

mi-key said:

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

Shall we place bets that he is still here in a couple of years biding his time and waiting for the crash 

Think you’ll miss me, I’m buying and will be in our new home by this summer. Can’t wait! 

Come around for a cuppa, I know you wouldn’t be able to keep away. 🤣

Oh ok so you have had an offer accepted then if you will be in by then. How much was it on for and how much did you get off? Considering you think every house is massively overpriced and 'prices are crashing like in 2008' I am guessing at least 50% off the asking price? 

newsgroupmonkey_

mi-key said:

fackers_2 said:

mi-key said:

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

Shall we place bets that he is still here in a couple of years biding his time and waiting for the crash 

Think you’ll miss me, I’m buying and will be in our new home by this summer. Can’t wait! 

Come around for a cuppa, I know you wouldn’t be able to keep away. 🤣

Oh ok so you have had an offer accepted then if you will be in by then. How much was it on for and how much did you get off? Considering you think every house is massively overpriced and 'prices are crashing like in 2008' I am guessing at least 50% off the asking price? 

Considering an hour ago, they were biding their time, now they've had an offer accepted, I'm calling BS here.

Anyway, back to the thread. I'm with @Martico here.

We bought in late 2019 and thought we were probably at the top of the market. But it was a 5 year fixed and we could afford it comfortably. As luck would have it, we've both had fairly big promotions at work, but obviously cost of living has swallowed that up (utilities alone have gone up from £75 a month in 2018 to £350 a month now, but I'm sure everyone is having the same struggles)

Due to job promotion, we marketed in April 2022, 2 years and 2 months after moving in and made a 27% profit.
The house we bought was more expensive (and we moved from 3 bed semi to 3 bed detached), but even so, the market would have to absolutely bomb for us to be in negative equity - as it stands, we're 60% LTV having started at 90%.

Not that we intend to ever sell. We're by the coast, a dream we didn't intend to make until we retired in 17 or so years time.
Kids have grown up and moved away. House is a perfect size for 2.

Ultimately, if you can afford the mortgage, then go for it. There's no point playing the market, because you'll end up in a crashy situation where you're still renting and getting further and further away from ever owning.

Yes, of course there are those who will be lucky enough to get a huge discount, but there are many, many more who have made an absolute killing.

I mean, if I'd been lucky and not divorced......

In 1997, I bought my first house in Berkshire. £59,995 to keep it under SDLT. At the time, there was a 4 bed house for just under £100k - a price I never thought I could afford (I could have done, but it would have been more than my rent at the time).

That £100k house sold last year for £575k. The one we actually bought, is estimated at up to £413k.

But I'm not going to complain

jimbog

fackers_2 said:

I can certainly afford a home. Just biding my time for the short term to save money. 

fackers_2 said:

Think you’ll miss me, I’m buying and will be in our new home by this summer. Can’t wait! 

That was quick!

I think you’re wise. Any seller willing to take a 50% reduction would probably would have got more in an auction 

mi-key

I can certainly afford a home. Just biding my time for the short term to save money. 

fackers_2 said:

mi-key said:

I can certainly afford a home. Just biding my time for the short term to save money. Why wouldn’t anyone do that?

Good luck with the house hunting (it is always stressful). I would urge against relying on sellers bidding against each other in the hope of a 50% reduction

Shall we place bets that he is still here in a couple of years biding his time and waiting for the crash 

Think you’ll miss me, I’m buying and will be in our new home by this summer. Can’t wait! 

That was quick!

I think you’re wise. Any seller willing to take a 50% reduction would probably would have got more in an auction 

[DELETED BY FORUM TEAM]

So yesterday you were biding your time waiting for prices to come down to save money, yet today you have bought a house and will be in by summer? Come on then, tell us how much is was on for and how much you paid?